NY S02900

Allows municipal corporations (towns, cities, villages except those with over 1 million residents) to adopt local laws providing real property tax exemptions for green development neighborhoods.

Exempts residential and common area property within certified green developments (NGBS green certified or LEED-ND certified) from taxation on increases in assessed value from construction, for a maximum period of 10 years per parcel.

Requires all residences in an exempt subdivision to be constructed to "certified silver" standards or better through deed restrictions or covenants running with the land.

Developers must file certification documentation, subdivision maps, and evidence of deed restrictions with the tax assessor; individual property owners must submit their own silver certification to qualify for exemption.

Takes effect 120 days after enactment, with regulatory implementation authorized immediately upon passage.